The best interview questions to ask a property manager before hiring one will involve their service and their systems. It’s always a joke that in real estate, sales is like dating and property management is like marriage. You want to vet a property management company to ensure an outstanding relationship.
Property Management Las Vegas: Finding a Manager
Ask friends and family for referrals. Anyone with property in that market can give you some recommendations. Look at online ratings as well; you can tell a lot online. If there are a lot of complaints, think about whether those are coming from tenants or owners.
What to Look for in a Property Management Company in Las Vegas
Understand the company’s fee structure. Are they providing value or just overcharging you? Do they tell you about the fees or do you have to ask? You want transparency and a solid organization. Talk about the number of units or doors they have per employee. This will tell you if they are lean, with low customer service standards or if they are service-based. You want good service for your tenants as well as yourself because high turnover is not good for your bottom line. Talk about the manager’s experience level and whether they belong to any trade organizations. The National Association of Residential Property Managers, or NARPM, is the best association in our industry. They have excellent conferences and classes in every city and state. There is no reason why a property manager shouldn’t be a member of NARPM.
What to Ask a Property Manager: Systems and Procedures
Look at the property management agreement and review the company’s lease. Does it align with your expectations? Consider what they use for technology too, because if used properly, it can facilitate an excellent relationship with tenants and owners. Talk about their marketing strategy and their screening process. Find out if tenants have to do a lot of driving and paperwork to get their application in. Talk about documentation and what they do with your personal information, such as your social security number and private bank information.
Look for a property manager who is easy to work with. Understand their process and what it means for you and your tenants. Find out how they handle maintenance; if they are preserving your asset and mitigating costs. How they handle repairs should depend on your goals. If you’re selling in three months, the maintenance will be much different than if you’re holding onto the property for 10 years. Ask to see a sample inspection report as well.
At the end of the day, make sure you’re getting great value from a property manager. You don’t want to settle for good enough value and you don’t want to settle for cheap. Managing an investment is like running a marathon. You want a property manager who will run alongside you for many years.